If you look under your team in the index, at the very bottom they have draft picks. That's the picks you own.
Per NBA rules, you cannot trade first rounders back to back. So you can't trade a 2001 and a 2002 pick, whether that be in the same trade or different trades, you have to keep one of them. So piggybacking off of that, you must always have atleast one first rounder over the next three seasons.
And like I stated earlier, the other GM has to be smart. The GM trading the pick will probably want it protected in the event of him landing a good pick, but it is YOUR job as the other GM in the trade to distinguish what you are comfortable with and what you aren't. If you want a unprotected pick and not a top 4 protected pick, then tell the other that.